Gold formed 5 ellott waves: discount on 1D chart
Updated
Hello traders! On the 1D chart, we can see that a 5-wave Elliott pattern has formed. The downtrend from the high of 2050 has not been broken yet.
Currently, gold has risen to a resistance level at 1888 USD, so a short-term price decline may occur with immediate support at 1860 USD.
My target price is 1920 USD, with gold expected to reach the upper limit of the downtrend channel as analyzed.
Currently, gold has risen to a resistance level at 1888 USD, so a short-term price decline may occur with immediate support at 1860 USD.
My target price is 1920 USD, with gold expected to reach the upper limit of the downtrend channel as analyzed.
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gold is down 1871 usdComment
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Trade closed: target reached
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